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RBNZ invests in Asian Bond Fund

RBNZ invests in Asian Bond Fund

The Reserve Bank today announced that it would be investing USD 25 million in the newly created EMEAP Bank of International Settlements Asian Bond Fund. Details on the Fund can be found at the official EMEAP website at http://www.emeap.org:8084/Press/02june03.htm.

EMEAP is the Executive Meeting of East Asia and Pacific central banks. The Reserve Bank of New Zealand is a longstanding member and the grouping includes the central banks of Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, The Philippines, Singapore, and Thailand.

The key features of the Asian Bond Fund are: the fund will have an initial size of 1 billion US dollars and is only offered to EMEAP members; and the fund is managed by the Bank for International Settlements (BIS).

The motivation for the Asian Bond Fund is a desire to see the bond markets of EMEAP countries develop more quickly. The intention is that a cornerstone investor in EMEAP bond markets will encourage other investors to participate in the market leading to greater liquidity, increased issuance and better lending terms for EMEAP Sovereigns and corporations. This should help promote the soundness and efficiency of financial markets and systems in the wider EMEAP region and thus in New Zealand, given the importance of linkages between Asian markets and economies and New Zealand.

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